BAKU, Azerbaijan, February 21. Suriname’s oil and gas sector is poised for significant growth, with a projected $9.5 billion in capital investments between now and 2027, according to analysis by Rystad Energy, Trend reports.
The country’s upstream sector has already seen a notable increase in investment, rising from $348 million in 2020 to $514 million in 2023. With major players such as Shell, TotalEnergies, and Chevron leading exploration efforts, Suriname is becoming an increasingly attractive target for global investment.
Rystad Energy forecasts that at least 10 wells will be drilled offshore Suriname over the next two years, driving further production and investment. One of the key projects in the pipeline is Shell’s Araku Deep-1 well, set to begin drilling operations later this year. A successful discovery at this well could significantly boost confidence in Suriname’s deeper plays, attracting more investment to the region. The country's national oil company, Staatsolie, holds a 20% stake in the project, positioning it to benefit from any discoveries.
Suriname’s total recoverable oil resources currently stand at 2.2 billion barrels of oil equivalent (boe), and the similarities in its petroleum systems to those of neighboring Guyana are expected to further fuel exploration activities. As a result, Suriname is becoming an increasingly important player in the Guyana-Suriname Basin, which has emerged as a global oil hotspot.
In addition to deepwater exploration, the GranMorgu project, which includes the Sapakara South and Krabdagu fields, is set to become Suriname’s first deepwater offshore oil production. This project, expected to come online in 2028, will utilize a floating production, storage, and offloading (FPSO) vessel with a capacity of up to 220,000 barrels per day, focusing on minimizing emissions with zero routine flaring and full re-injection of associated gas.